All Forum Posts by: Karen Foster

Good evening Tyler,

Unfortunately, I am not in the Dallas area. However, I would recommend you save yourself some time by forming an LLC and opening a business account providing you are in a position. This will allow your entity to become seasoned while you are learning, and it makes you look more like a serious investor to lenders. The majority will require you to have an entity before they will lend you funds on a property or provide you with a proof of funds letter. Also, join your local real estate investors club. There you will meet like minded investors whom you can network with, and possibly find a mentor or mentors. While you don't need an LLC to wholesale deals, you still want to protect yourself and your interests. Check out Legalzoom.com, Amerilawyer.com and google other companies in your area. Both of these companies represent the state of Texas, and all other states.

All the best to you, Karen

Hello Carrie! I personally prefer and have an LLC, in which I buy properties under. 1) this type of entity is easier to form, and 2) the tax benefits. If you are going to buy and hold or fix and flip properties on the regular you will probably end up forming more than one LLC. I recommend you research the information for your own satisfaction. Check out Legalzoom.com, Forming an LLC for Real Estate Investments: Pros & Cons.

Kind regards, Karen Foster